Welcome to our dedicated page for CF Bankshares news (Ticker: CFBK), a resource for investors and traders seeking the latest updates and insights on CF Bankshares stock.
CF Bankshares Inc. reports news centered on its role as the holding company for CFBank, National Association, a nationally chartered boutique commercial bank serving markets that include Columbus, Cleveland, Cincinnati and Akron, Ohio, and Indianapolis, Indiana. Company updates describe commercial loans and equipment leases, commercial and residential real estate lending, treasury management deposits, residential mortgage lending, and full-service commercial and retail banking.
Recurring announcements cover quarterly and annual earnings, net interest margin, loan growth, deposit funding, credit quality, provision expense, noninterest income, and capital ratios at CFBank. Other releases address common and Series D preferred stock dividends, stock repurchase authorization activity, and additions to commercial and regional banking teams.
CF Bankshares Inc. (NASDAQ: CFBK) announced a stock repurchase program allowing the repurchase of up to 250,000 shares by February 27, 2022. The program aims to enhance shareholder value and reflects management's confidence in the company's intrinsic value. Shares may be repurchased through various means, including open market transactions, subject to regulatory compliance. President Timothy T. O'Dell emphasized that the buyback program demonstrates commitment to boosting shareholder value amidst ongoing economic challenges.
CF Bankshares Inc. (NASDAQ: CFBK) has declared a quarterly cash dividend of $0.03 per share. This dividend is set to be paid on February 1, 2021, to shareholders of record as of January 21, 2021. The company operates CFBank, which provides a variety of personalized banking services tailored for closely held businesses across major Ohio markets, including Columbus, Cleveland, Cincinnati, and Akron. CFBank focuses on offering quick access to decision-makers and modern banking solutions, such as online and mobile banking.
CF Bankshares Inc. (CFBK) announces Brad Ringwald as the new Chief Commercial Banking Officer at CFBank. With 25 years of experience, he previously held executive roles at large regional banks and has a proven track record in commercial banking. CEO Timothy O'Dell emphasizes that Ringwald's appointment supports the bank's growth strategy toward a $2 billion target. CFBank, known for its boutique banking model, operates in major Ohio markets and aims to leverage its capital resources for commercial growth opportunities.
CFBank has signed a purchase agreement with Consumers National Bank for two of its Ohio branches in Wellsville and Calcutta, involving approximately $100 million in deposits. Consumers will compensate CFBank with the net book value and a 1.75% deposit premium on the average daily deposits.
This strategic move is expected to enhance Consumers' market share to 12.5% in Columbiana County, while CFBank aims to focus on core markets. The transaction awaits regulatory approval and is projected to close in the second quarter of 2021.
CF Bankshares Inc. (CFBK) has appointed John J. Catalano as President of CFBank Equipment Finance. With over 30 years of industry experience, Catalano will lead efforts to establish a middle-market and small-ticket equipment finance operation, enhancing services for commercial businesses. His background includes executive roles at leasing firms and military service. The bank aims to expand its Equipment Financing services to create a national platform, complementing its existing Commercial Banking operations. CFBank operates in four major Ohio markets, focusing on personalized business banking.
CF Bankshares Inc. (NASDAQ: CFBK) reported strong third-quarter financial results for 2020, with net income reaching $10.2 million, a remarkable 289% increase from Q3 2019. The company declared a quarterly dividend of $0.03 per share and experienced significant growth in book value per share, now at $15.68. Noninterest income rose substantially by over 611% due to increased loan sales, while net interest income increased 34% year-over-year. Despite the pandemic's challenges, loan payment deferrals decreased significantly to $24 million, indicating improved credit quality.
CF Bankshares Inc. (NASDAQ: CFBK) reported record financial results for Q2 2020, with a net income of $10.1 million, a 342% increase year-over-year. PPNR reached $15.8 million, up 453%, with ROA at 3.70% and ROE at 47%. Total assets exceeded $1 billion, and book value per share rose to $14.14. The company funded $126.2 million in PPP loans to support 558 borrowers. Noninterest income surged by 674% to nearly $20 million, largely from mortgage lending. The provision for loan losses increased by 43% to $3.1 million due to economic stresses from COVID-19.
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Central Federal Corporation (NASDAQ: CFBK) announced the resignation of John W. Helmsdoerfer, CEO and CFO, effective July 8, 2020, for personal reasons. He will assist with the transition. President Timothy O'Dell will temporarily take on financial responsibilities. The Board will conduct a search for a new CFO. The company confirmed no disagreements or operational issues related to Helmsdoerfer's departure. Established in 1892, CFBK specializes in personalized banking services, operating across major Ohio cities.